I was just wondering, are there any specific steps i should take in order to run oblivion on windows 7? Or is it as simple as just insert disc and install?

Yep, it is. I installed my GOTY disc version just fine when it worked. Same as the Steam version i'm using now.

Excellent, thanks for the quick update, want to get all the info ready before my system gets here within the next 12 hours.

Install to somewhere other than Program Files if you plan to use mods, or make mods.

Like C:\Games\Bethesda SoftWorks\Oblivion

Will take this into account, this is the same thing you have to do to morrowind to play it on windows 7